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.FINANCIAL NEWS. I
FINANCIAL NEWS. I The William Thomas Ship- ping Company. To Welshmen at any rate the name of Sir Robert Thomas* at t'-e head of a ship- ping company prospectus i;; a guarantee of the success of that company. Thou- sands of them know Him persoiml'y, and knew his father and his father's firm, whilst many of them held shares in one or other of the manj /.]> ij,>ing companies with which Sir Robert, has been con- nected. and their faith in R. J. Thomas and Co., Ltd., the managers of the now company—the William Thomas Shipping Co., I 'td.is as unquestioning and firm aB their faith in the Bank of England. In short, in the extensive Welsh shipping circles, including in that term the in- numerable small as well its the large in- vestors, the name of Sir RoSicrt Thomas is a synonym for a thorough knowledge of the shipping business, an exceptional capacity for managing and conducting such business on a most extensive scale and perfect probity and soundness of judgment. Indications of this capacity and scumd- ruvw of judgment are easily discoverable in a perusal of the prospectus advertised in our columns, which, it is quite clear, has not been "salted" with these indica- ti-?f: for a purpose; they appear incident- a)lv and n?tura]ly in the markedly mode' rate t?rms ?f MK' appeal. For example, t''? -tatcment that the steamer. GlenMrn. of 1.828 tons gross, has already been pur- j chased for the company, at a cost of prevision only possible to men thoroughly au fait with both inside and outride workings of the shipping in- dustrv, while the csoundneru of judgment I manifested in the acquisition of this steamer so early on is evidenced by the fact that she is to-day worth more than her cost and by the profit of about £ 80.{>00 which, it is estimated, the 12 months charter under which the vessel is 'vw running, will yield. it mav be regarded as a prima facie nraof of the probity of the managing ftonnany—that i. R J. Thomas and Co. --iii,qt it and its directors will take up and hold at all times £ 15(1,000 of the f."iti0.000 of which is in ten fieri the •■apital of the new company will ™>nsis;. It is also a pro.oi of the esteem in which the managing company in held ;n #hippirt £ circles that a large and well- known London shipowner is taking shares to the value of JS10.000 in thè new com- pany, and that two o-bcr shipowners are takiiig ..£1.000 :1ch in the company, while" others have taken ehares. which, together with already nven ioned, amount to al),,irt from the .5150.000 invented by the management. Another feature of the pro?pcchi« of the new company which (strikes onf as particularly favourable is that the •ors are the gent''?men who for a period of 24-ye*re- conducted the business of the old managing company with each con- spicuous success, and the ability and apaturle which they displayed during those 20 yeaivs—and their 20 years' experi- ence are now fecured for the new com- pany. Excellent evidence of their capacity is furnished by the tabulated statement embodied in the prospectus showing the success achieved by several shipping com- panies which, under the management of the Governing I);r?ctor, Sir Robert Thoma. paid dividends ranging; from 29 to 46 per cent, per annum, a statement guaranteed by the eminent Liverpool firm of ;tee,)Utlt.tnt. Messrs. J. R. Prichard, Parker, CM and Do;lds whose certificate is Hll) embc)d;ffi in the prospectus. This and one is nnt ur- to hear that there arc no shipping managers who have done as well for their Shareholders as Messrs. Thomas. A word or two should be added as to the business upon which they propose to *i»bark their own and the shareholders' capital. It s a fact which has b*en forced upon a,k-er attention that shipping will play a dnri:natilig and vital part in the coming period of world reconstruction. Shipping—merchant shipping—has hen the salvation of the Empire during the war. and its services will be all urgenth- an d continuously in demand for many years to come. Investment in shipping ;s one of the first, as it v.-ir be one of the most power- ful steps that c;sn Ite' taken to bring about the reduction of the prevailing high pricos. That consideration alon° should win a popular reception for this ifsue. l MOND NICKEL. I Effect of War on Industry. I The annual gener-il meeting of the Mond Nickel Company, Limited. was held on Thursday at the Central Hall. Westmin- ster, Mr. Robert Mono], J.P. (chairman of the company) prosit! in<r. The Secretary (Mr. D. Owen Evans) hav- ing read the notice convening the meeting and the report of the auditors, The Chairman, in moving the adoption of the report and accounts, said that, meeting just after the conclusion of Il,f felt at iioertv to te41 the sitarejiolder- something of the efforts of their company to a'^i-t the country during the war. Nickel had formed an essential constitu- ent of munitions, and a.s a iiiiiter of fact jt, would be difficult, if not impossible, to produce materials required for modern •war without its use. The board had placed the whole of the company's output at the "disposal of the Government, and in spite of difficulties of labour and materia), had doubled the output between 19H and 1917. But for those diiffculties the plant for trvViug thp pre-war output would have completed. The make of their other ,Y)iain sulphate—hed also rloublV? during the war. It wa* chieflv ii.gr-rl for agricultural purposes, and as a result of buthy ..hqmi¡><It1 i-osonroh the company had bgen able to elaborate a mixture called Blighty," which only r(1-, quired dissolving in the requisite amount rÅ water to form the best sp.raving mix- ture. They were satisfied with the pro- ffre&s that article had made on the mar- ket. They had maintained friendly co- operation with their men throughout the r. at the end of which they were pm- ploying in South Wales Mono "three time* the number n'hpn war broke out. They had paid dependents of married men on active service half the pre-war wages, and had allowed those in the company's houses to live frpe of rent. COST OF PRODUCTION. I In carnmoTIwith other manufacturing eop.-e.rDs, their coot of production had "been immensely increased in the cour.se of the war, out. notwithstanding, they had succeeded in selling their nickel to the Government at. only comparatively slight advances, as they had mtlised much Ibigher prices for their copper sulphate in the export markets. At home the Board W Agriculture had fixed a mucih lower Jvrire for copper onlpfcmte than that rul- ing abroad, by which the farmers in this country hoo benefited. The platinum and jwuladium from -the residues of the refin- ing process had helped to supply the enor- lt1.m war deniaod for fhese preciou« loetals. I)tniing -ith the accounts, the Chairman said that the issue of prefer- ence shares last December had been a great success. A* regarded stocks, fche figure of <68,200,741 gshowed a large iterea,-S. the fact bearnr th.f,t, whereas the special war demand tor their products had cease d when the armistice was signed, tbê peate demand did not revive during the finan- cial jeer, but the directors Mt IWafiden r now that the Peace Treaty had been 1 f/igned, the revival of trade would with- in a. reasonable time c-tncbs down to a more normal level. The amount whic't t'& dictor-< te??rmu?ncd -;hou'.<! available for di'-tributi^n was £ L22,(i".8. ? dealt wihh is sho'?n )n their report. T!w r?Inct'on '?f the output M' their plant both in Canada and this country was only a tent-porary measure, and the hoard- con- fidently expected that the expansion of the comp-aaiy's business vas only delayed until trade became more normal. Nickel was a valuable commodity in time of p?a?f. and tucy ?l?t cxp&t't? that the normal trad- £ in c??p?r au?/hat? would woijld Sir Robert A. Had6pld. B?rt.. saoondcd the motion, and it was carried unani- mously. I The re-tiring directors and the auditors were re-elected, and proceedings termin- ated. i ROPN ER SHIPBUILDING & REPAIR-1 ING CO. (STOCKTON), LTD. Lord Olanely (probably better known as Sir William J. TatemN has joined the Board of the Shipbuilding and Repairing Co. (Stockton1, I,hi.
IOUTDOOR RELIEF. I — .i
OUTDOOR RELIEF. I — i Swansea Guardians De- cide to Increase It Swansea Guardians met on Thumlar, Mr. David Grey presiding. Mrs. II. I). Williams moved that the resolution of the Guardians of iitil November, 1917, be rescinded; that on account of the increased cost of living in lieu of liO per cent, as at present, amount of addition to s#:ale of reliefs should be at least 80 per cent., and that tlie,#clerk immediately ask the sanction of the I -ceal Government Board hereto, and point out the reason: further, that the several relief committers forthwith commence, and as as possible, com- pIetro a review of all cases so as to ad- just any inequalities that may exist. 4y A WEEK PER CHILD. 61)e pointed out that in November, 1917. L-lie was told that the price of differ- ent commodities would came down. The only i hinl that at that time had not I gone up was rent, but since then rent j bad grnq up. Coal also would ooon he fts. per ton dearer. Thcise things the poor people had to pay for. They now asked them to bring up children on t*. a week, to feed, clothe, and house thro- three meals a day at 2d. per meal. It might be -aid they were giving- than the Government gave Old Age Pen- sioners. But two wrongs did not moctse a right. She thought the increase *houl*l b-E,. not 80 but 100 per cent. Mr. R. G, Kees favoured 100 per cent. Mr. 13art Cronin moved that there should he incrpaes from 3a. 6d. to as., and from i.e. to 6s. Mr. D. Jaiiie6 strongly supported the resolution, and at his request, Mr. Cronin withdrew his amendment. Mr. Jeffreys, as a business man, sup- ported the 100 per cent, increase. The resolution was carried with ap- plause, and it was decided to wire to the Local Government Board immediately. I CLERK'S SALARY. I Minutes .of the Duties and Salaries Committee included a recommendation tilat tile tor a. further in- crease per year, together with the Civil Service scale bonus be grunted. Mr. W. G. Re" oppo, movfng that they confirm the recent rise of £100 only. The Chairman explained that tho Clerk's galary now stood at £1.S0. He asked for a further increase of £ 70, to- getlier with the Civil Service scale of bonus. In answer to Mr. George, the Deputy Clerk said the amount on the Civil Sep- vice bonus scale would be £ 62 1.; so that the proposed total salary would be £ 312 10a. Mr. Cronin feared preferential treair ¡ ment, and favoured delay until the In- veetigation Committee that day appoin- ted got to work. Mrs- H. D. Williams supported the increase. She did not think that any clerk could have given better service. They had not been doing justice by the clerk. Ultimately, it was decided to defer con- sideration until after the committee had met. Mrs. lotifvies was appointed a represen- (a<!T€ on the South Wales Institute for | the Blind. the Bliiid.
.NEATH MILITARY WEDDING.I
NEATH MILITARY WEDDING.I j St. Thomas's Church, Neath, WAS on I flhurad&y the scene of a very pretty mili, tary wedding, and the popularity of the bridal pair was demonstrated by the large attendance to witness the nuptial cere- aiony, which was porfornjed by the curate, the Hev. D. Richards. The bride W;.M Miag Frances Jewell, daughter of the late Mr F, Jewell, builder and contractor, and Mrs. Jewell, Leonard-street, .\e-sth, an tic- complished contralto vocalist, who, during the war, reUuquishecl her profession to I work on munitions, and the bridegroom was^Motor-Mechanic Harold Clougii, gori of Mr. and Mrs. R. Clouffh, GnoU Park- road, Neath, The bride, who wae given aTray by her brother, Ser^t. F. Jeweli, R* £ rat tjiessed in white j-hade luce, with bridal veli. anil carried a sheufch ol lilies, her only otmament being a rope ot pearls. She was attended by Helena C/lough (sis- ter of the bridegroom) and Misa Hilda Jewell (cousin of the bride), who wore costumes of art shade blue crepe do chine, embroidered in art a, The bride's train bearers were Miss Dorothy Ja-ckson ¡ and Miss Y iolet Davies, who, wore d-resses I of white Swiss lace over white glosev f;ilk, with gold gauze hats, and mahee and sandals to correspond. The best man was Pt,e, -Ken Coltiria, R.K\, and all the male participants wore the uniform of their regiment. A reception was afterwards held at the home of the btido's mother, and later in the day Mr. and Mrs. Clouffh left for I South Devon, where the honeymoon is beinir epmt.
--NfcATH.---I
NfcATH. I On Ttrurway, the 011114TIM attenamg tb- i elementary schoois in the borouat of Neatji wwo »n.t*rtained to to&. P,444 neholitr wore a Peace lnmt4tl, the gtft of the MAyor (Mr. John Rees, J.P.). and 4VAr the feast, pextaken of In the reapteetive schools, there were gports on lh9 Gnoll Athletic gToynde, anrram^ed and carried out by the head teachers and staff. A J«ry plewant tdme was spent. The Tjeadin^ Horseg of South Wales will be as tiodre'i graig R. Tot-ioorrox*
IN THE DISTRICTS. ] .I
IN THE DISTRICTS. ] POftTARDAWE. Utc hntÜ tooK pta?e on ?odnesday night at Yny.??)-? RORd, Pontarddwe, of ."i5 Mary Anni? Er:ms. third <)at:?- tcr nf Mr William Eva??. Tho cts? ceased was :?.5 years of age and prior to her illness was in t.he <>iapery business at Cardiff. Godre'ncraig TForse anil Fc-et &venti Ta. morrow (iSaturday). YSTALYFERA. At a sp^ciaL meeting of the rstnlviera i County &>hQol Governors to consider tH<* j question of aidditional accommodation, it J was dcoidpc that a sub-committae co?- sistin# of Col. Nougl1 J.P, A ld. D. T. Williams, J.P.. Mr. H. J. Powell, J.P., and Mr. H. Rees <headmastei) should go into the matter.' Godre'rcraiq: itorse and Foot Krenta To- morraw (Saturday). I 1 FELïNFOE I At the diBner.giTen by Mr. D^rid John. Felinfoel, to the 1xy who hate beep denio-bbed," fcur di&a.r 1 ni £ iren: Privates Henry Jenkins, W. H. Bees. Ted T-Vi,vd, and Willie Thomas, we presented with £:0 e!tch by the Vicar of IteU¡f(H!1 iRev. T. Geler Jo) on hahalf of the FeIinfotl Setd:ere' and S-aiters' OomnÜttee. i SKETTY. i The annual treat in connection with St. Paul's Sunday'School took place on Hiurar day in » field adjoining the chuwih, part of the ground i-e^ently pitecha^d by the authorities. The Rn. H. J. Stewart and N Parcel], who, since Mr. Chap pel IV death have acte.) as n m were in attendance. Prior to the spcrr? tea was held in the Church Tiii-ii, Durir.? the j evening, two a>erc^iane«i ftew D-er E S. Chappell. the f-rcit readies' anij Cer.t's T.?itcq'. allows 10 n.e. Di?nau?'.t to Uis- j (!hard Saijoraa Soldjer RBd Dependente. LLANELLY. t I | The Crejt do Virtue of Foiimania I ii r. j been awarded Corpora.! E. Griffiths.?, Hina, lit rt. Dai Lloyd and 11. G. Hawkins, the old IJanelly Rugby half-bael:«. have julrt re- ti-irned home from Palestine. As announced yesterday, the total sum subscribed in Llanelly to the Victory Loan wais The detail* are as follows: Funding loa-n. £ !«,9»; Victory Bonds, £62.959 fonvei-sions, and war savings cpytiAcateo, £ 36,4312, HENDY. I A new lodse of the. K.A.O.B. was opened I at the Red Covit Inn on Wednesday evening. The consecration ceremony was performed by Rro. Thomas C-ourt4. K.O.M., i'.Ci.P Ii'anelly..a^sieted by knight, primes, and i brethren of ajjacemt led-sces. The foimdei- of the new iodtre are Jlroe. W. J. TJoyd K.O.M.. W, A. tVili-iapi#, K.O.M., W. Albert Thomas, C.P., %rd Fised. Paifwy, C.P. Harmony was contributed by the Br,os. T4LTi4 R. Walters, K.O.Vt., Rhye J. Thom-a-s., C.P.. -Vert Harris. C.P., W. J. Thouia^ W. J. Huffhe?. K.O.M.. and others. Bro. J)., J. Jone« acted a-s a.c.comnt, 253 Fntrie.i at Godre°rzrai« Ra-ces To-mor- ro r (Saturday). ( MUMBLES, I It was a da.y ot 2Jum'o!-e« on Thursday, when the loco! Sunday Schocl scholars lied their annual t-ea»s. The Churen School, lie ad ed by an improyisstd band, marched on to Norton House Field. The Wesley an School visited the grounds of Singleton Abbey, and the rendejsvou-s of the scholars cf the Conffregfational School was a fleJd near Bare pit Lower, Norton. Beautiful weather prn, and the chil- dren thoroughly cnjoye«l i hem (wives. scholars of St. -Paul's Congregational Srhool, Swansea, and the Hafod JJission, aIm visited Mumblets, and r-eturned home by the &30 p.m. train to Swansea. Their faces heamsyi with oolM. E S, ChappeJl. the Great Indies' and „jeE nt .s T.- i.o;- allows 10 j c. DSscnuut. to Die. Ciiargcd Sailorss Soldiers, and Dependert« SKSWEN. I The following pupili i'roin the Card- ftranc Boys' School, Skewn, have, as the result-of a Competitive Examination been awarded entrance scholarships tenable for four yenrs at Neath County- School: Dowi Evans Jones, A .George, Christoplier Hames, and Philip Williams The Skewen Salvation Army Corps, according to a recent account* ha.? th honour of giving a number of high officers to the work, including Comman- dant Eralie Bentley, Adjutants Howejl Lane, John Bniley, and .1 William Rich- ards, Lnsign# B. l ichtuds and -Tom Bentley The brothers Bentley are sons of the late Sergt. Bentley, a Crimean veteran, who resided at Skewetl for many years until, his death in Fob. 1913. Another son. Ex-Adj. Bert Bantley, is now in the Australian Weslevau Slinia- try. 293 Kntrie., at Godi-e'rgrais Itatfe# Tomor- row (Saturday;. gorseinon. the funeral took place on Thursday at Churchyard of the late Mrs GwcmÏlian (Winnie) B^r^n, wife of Mr .S£ amuel Bevan. 4 Par\¡ Vifw, Gor- semon. The Rev. j), A. Jones, (curate) held a short set vice at the house. Mem- hers of the Church choir, the Sunday | Schools and the Gid's Ffiea?Y )(iety. also np.rnta.tiv of the S?t MM? and several works preeedenl the hearse. The first part of the bm'iat service w?s held at the Church. Mr. 1). J. Williams I (Holy Tripity organi#t) played the Jiead March (Saul) and conducted both choirs. At the uraveside the Ren. W. ,1. Arter. (Penllergaer) and J) .A. Jones (Gorsei- non) officiated whilst the combined choir" lead the singing. Mourners, Mr. Samuel Be van (husband), Messrs. IIRr- old and Herbert Davies (brother). William Bevan and W. J. Phillips (hro- thers-in-law, Da^. id Davies (uncle), J. Mon&o (brolher-in-law). David Davids,, Gwilvni Dalies, b. W. Davies, D, Davief, Councillor Dan Evans, William Evans, Samuel Knoyla, .Williaip Davies. J. T. Phillips, B. J. Phillip. George Phillips (Laudore), Phil Jonc* (Caenian- sel), J. B'-nnett. B. Bennett, G. Bennett, W .R .Davies, 3 Davie#, D. Davies (cousins). I LLANSAMLET. A cresentatiori meeting was held for Mrs. ¡ Li) Hoskins on her d-aparture frova Llan- etvinlet to Australia, et Bethel Cpel en Wednesday evening. 1"be Rev. J. H. Parry presidod. Mrs. tie-ins was the oi-^ani^t at Bethel Church, and has acted as pianist at many various meeting and concerts in the locality. Mr. John Davies, oti behalf of Bethel Sunday Sohool, preeented her with a Biblsi and a. hrmn book, also a siiyer cup (Buitably inscribed) and Treasury notes were presented by Met^isrs. Richard Rees and J. B'. Williams (deacons) on behalf of the church. Mr, J. T. Rees. on behalf of the Lonlag United Choir, presented her with a silver flower vope. XM. Hoskin lasted aa a pianitrt to thie choir when it oompeted at the Meath National F.isteddfod. b.e foUowine; tock part; Victor Morris, Cassis Koberts. Alberta Davies, Madame Edith Owen tLo-nlae), Ben Williams (Own), Edna Howtllo, Morfrdd Davies (Birchgrorej, T. W. Lloyd, Dopald Bosser, RachoAl Stephens (Qlai#)> and NO-A- Z'iiU (Trallwn). The Peniel Gre«5 United Choir, conducted by Es-Prir* Daniel Ul1 Thomas, saiif a chorus, tÀ aceoinpsi^iai bii"g Siis^ Nailia Jordan. Speeches were yiren by ^assrs. B. j. Patlaak' IhmtIii Js«kl(As, 4n4 pictow JMqo, and jarem by "&p hr," Enrjn. FvJd," and Rf^riTat^ J<J06» Thomas (i^>ni««), a wounded soldier- Tø. proemnun« wto arranged by Itr. J. B. Bavtee. The Leading Soma* oi South Wales will be at Godre'rgraig Riuces To-morrow. E. S, Chap pell, the Great Ladies" and GeBn. t's Tailor, allows 10 n.o, Oiecouct to Pis- charged Sailorss Soldiers and
Advertising
NEW ISSUÈ. II j No-at 0: the shares o-ffsred have been underwritten and no promo fcion money be paid. (This Prospeictys hen filed with the Registarr of Joint Stock Companiea). J THE WILLIAM THOMAS bHlpplN C0mp Y UIITED. InooiT^rat:d under the Cc-mpiiiies Acte, ?? to !M7. uni,?r the C?cnipi-iii.?s to CAPITAL £ 500,000. -0. lis-sue of 50,000 Shares of 4 10 each £1 -per- share o-n application. < 91, per sham on allotmant. £1 per Aare one month after allotment. and tho DcJance its ture^ instalments as and when required, but not- before 1920. f Managers: 1/" R. J. THOMAS & COMPANY, LIMITED. of which the Directors are:— SIR ROBERT THOMAS, Bart., M.P., Z, Great St. Lond-Sn. EX.. Ca»;rtu:«, and J);r<y-•••. W. o. HUGHVtS, M.I.N.A.. M.T M.K., B(jdfa.. Beaumaris 's, Loudon. E.C., .and ARTHUR H. COOK SON, 5, Cast! a Bankers: NATIONAL PROVINCIAL & UNION OF ENGLAND, L illi "FD Auditors: » J. R. PRICHARD, PARKER, C1LL « DODDS, Liverpool. „ Registered Office: 22, Great Saint Helen' s London, E.(\ PROSPECTUS. 1,hi-i Cc-a"ny has be?.n formal for the purpose of acquiring and working Steamers erf large and ouKic GApee?y (? med?rn c???rttct-icn. 3<"3d spp?d, and suitable tor all trader A ContMct f.? the ?ur?ha? ? one su? ??a?er, v?,. tha ?.S. "<?€H?rn." has. a.?<!r ?pn .en??d into hv th« A. C-Utract the pur,4t)ia?,A cf one ot' the Directors oi the Manag-insf C'ompsnv. i%be is a' ve^s**1 of 4 ^>8 tonsure"^5 and"' M33 tens n«t roister, and has a oupaeity of about S.100 tons deadweight, on a draft of & feet Id- inches, with a»A« ???r tons P-C aiid h?is a cvlacilv of aboTi, '1()0 t-on., 0 n a draf t, o f '-14 t 14 rot,%r baUast innkt. S]? «teaau.. 10; ImGU on ab<mt :H t?ns Wel??rt ComI, :m<i ?:T9 ha.? bun'?r mp?r:tv ?- pb?-? J 715 bM? ^J»<> ba.?wo dM?n<fst?? a bridge cf )!5 f?t. poop ? feet, and ?cc?'? 36 ?t. ?<? is Htt? ?t-h 10 ^reim "steam wmdiasg, steam steering gfpar, and is electrically lighted.. Thix m'?r was built in WH by tlvoso excellent Builders, Me*«rs. Bartrsni Sunderland, a ad enffinsd bx whp detained darieg. the War at HantWf*. h< \¡1, wll. looked after there. Prior to the iwntract for her purchase bing entered into.-she had been dry-dooked and painted. s-ndT b,arl the macliinerr and boiler survey. The purchase price £ 108,000. which, having regard to t-h> freights obtainable and the escelknt prospects anticipated for a considerable time "0 »?kej* i;: As a. the purchase p«c«, .t? appears from the Oi M$. ('. W. Kellook and ro.. a cogpy of which appears bPh, but. she i- being transferr^l fco the Company at the rvriee )>s)d for her by Sir Rcbrt Diomas. Slie liilk been chartered for r v.elve mrmth. and it ;,i thili ellal-k-r I'whioli 1-U @\n nmn¡".g "¡n(''? ;:H't '{eCI, '1';)11 "jp,l,l :'I pr;¡\lt of a\,)out £60,00Q aft.¡> p(Y\-¡ding fl)1' I:.AA, l'l,fi.fit Duty. Vndex been running r-ince 3lst Mey,, will yield a profit of about jm,m after "'t h e a b ove C h arter. the contract of purchase the Company will receive the whole oi the pr,>tifef from Messrs. KELLOCK'S VALUATION. Having bee" called upan to vatue the Steel Screw Steamer Glenearn," 4,828 tons grass 1,032 tons not reaister- feuilt under Uayth^ Spcotaj Survey at Sunderland in 1914 by Mwrs. Bartram & Sons, Ltd.; classed 1M A.I., and r:s'd S S. i No. 1 in 1914 Z Triple Engines; Cylinders 26. 43 and 71 inches diameter; strake 43 inches. After carefijl conjideretion we estimate the present value ef said Steamer (provided she is now in qpod sea-goinr; eenditien and fullv-9auiDD"d) to -he TWO HUNDRED AND TWEK7Y IHOUSANn POUNDS (say £ 220,TO6). i Given under our hsnd and Seal at London, this 3rd day of July, 1919, (Sgd.), C. W. KELUpCK & Ship Valuers, &?., 27, St. Mary Axe, E,C,3.. Messrs. R. J. THOMAS & Co., 7%, Great St. Helens, London. The. fact that the Excess Profits Ftutv- had Ven reduced to 40 pp- cent, influenced the Directors in vbeir declaim to purchase Steamer, and it is hoped that by this time next year the will be a thing ot the psst. Company and its Directors will take up and hold. at.1 time# nat Ia-h fthan et50.0W, and it is hoped this fact will be a sufficient, gnarantee to other that*no eftrt will "-t- to make the Company n successful business enterprise. In addition b the wferred to. shares amounting hiive already b^on applied for. one e-i the applicants bein^j a v -■■ -Vt. j-,vti T.on<lcn who is taking up Shii>owner.v are taking up £ 3.000 each. whie,h is eenstdered a valuable tastimony of the views M persons with k!).Dr, Igo c,,? &li,"I)tiing as to the prospects of the- new Com pen v. h-t-, be-ii Wll,l,l.,AM .THOMAS SHIPPING Ct>M,>^XT. T in i-a?»rory of Chaipiaan's fate father, with whom he was. aseoeiated in husinssa for twer.ty-efvH years, first a* his parser in Wat. Th'.jm^s and to., and fful^e^uentiy as Co-IMrectoT of Wm. Thom^.s, Sons tic Co., Ltd. A It the. other Direoter^ of the \f;i.ragiug panT were in the service ot the old Managing Company for over twenty yeaw. v\z. :->Fr. Hughes as fcha Marme Superi"- teudent, M't. Ifarre.ll as Secretary and Chief Accountant, and Mr. Cookixn as tnsur^nae Manager. the results oi the management ot the old Shipping Companies are given in the certified statement whieh appears V.e.low, and if is the intention of K. J. A Co., I trl., to tlollo,-j the some or.jorvative f'tian^inl policv in managing the new Company. The steamers which it is islanded to acquire for the Company will probaWy cost aljcut ^75.0,000, and the excess of such cost over the capital of the Company it is proposed; to meet out of t-hs profits aftar pro- viding for a satisfactory dividend. • Accountants Certified Statement.——-——— STATEMENT GIVING A%SYMMARY OF AMOUNTS RETURNED TO THE SHAREHOLDERS (INCLUDING SURPLUS ASSETS ON WINCING UP) BY THE COMPANIES NAMED, WHICH HAVE BEEN UNDER THi MANAGEMENT-OF TWE GQVERNtNG DIRECTOR, SIR ROBERT THOMAS. I). I' .« ■ .1.1 II I.IIU I u I I No. Qf years Total amounts returned Perctittrge j Paid-up of to Sbambekiere Der annum CQMPANT. Capital. Company's (exclutliag original os paid ttjt existence^ j Capital). Capital. ;'7- -¡ S £ a. d. £ State S.S. Co., Ltd 60,000 1Q 273,325 0 0 4S. r«r eept, London Traders Shipping Co., Ltd.| 44,660 Jt) 168;678 18 0 3S." Consols 6.8. Co., Ltd. 20,QOO 1St. 165,022 10 0 45 Treasury Co., Ltd. 20,000 2Qi 16,8-S8 6 8 48 11 SeDnisphece S.S. Co., Ld.1 20,000 19 175,422 10 0 46 „ Maritime S.S. Co., Ltd.1 20,000 22 127,845 0 0 .11 „ W. have compared the above state mont with tha Books of the Companies named (to all of which with the excepr L tion ef the London Traders Shipping Co., Ltd., we have been Auditors from the commencement), and we certify that it agrees therewith. J. R. PRICHARD, PARKER, (ULL POINDS, Liverpool, 29th May, 15M9. Chartered Accountqnts. I 11 .1 I V Jl His hoped that tbs. shareholders in the old Companies will join the new Company, but an aoceeeion of new share- holders would also be welcomed. The iollowing particulars are gi ven in order to .comply with the Companies' Act$s— 1.—The number of shares fiVd by the Article as the yualification of a Direotor is >00 shares. < v.—The minimum subscription on which the Managers may proceed to allotment is i'lsO.OOG. 3.—The preliminary expenses, including capital, duty, registration fees, printing, postage, advertising, an d le",1 ex-, penses are estimated at .£2.50\1, and will be peyabie by the Company. C—The Management hrtvc no interest in r1 ■-? promotion of the Ccaopeny except as Managers and skareka-kiers. The following contracts I-aye er.Ilireict itito, viz. — 1.—A contract datssl the t4 day of .Jul. 1019, between Sir Robert Thomas, Bart.. and the Company for the —fa the S.S. "Glenearn to the Company for «-€18?i,000, payable in cash, and 2.-An Agreement (bted the Sih day of July, 1919, between the! and 1\J, TKoanas and 01,. Limited, ^p^oint-. ing the latter Company Managers and providing for th8.1r remuneratic*, undeE which Agreen3art the Manajjiaz > Company have conferred upon them the rights and powers off Manager^ specified in the Articles of Association of the Shippjg Company, wbtch rights And powds are by reference inoorpotoo in the ?r<?CM?t a# tecan t'bNeQÍ. a l-K?,vo, Contracts and pTin,tS C?f tiie aii d Arfic-les cil' Ac-sc)o-.iati,5n ckf the (7oi-a"r'iv ni?4*v' Copies of the above Contract? aDd prints of the Memorandum .md Articles ? Association of the Company may b? i" epected at the registered office cf the Company, 22, Gre;1t Saint Helens, London, E.C., and also at its Liverpool Office, 5, Castle Street. Liverpool, between the lith and 2iMh July. Applications fo-r a hares should be made with the least possible delay es the form below, apd be t witls the amount payable on application either to 2{3. Great Saint IJele^s, London, E.C.3, or to A, C-astle Street. Liverpoah '1' .In esses i-rtbt-,i,e no allotment is made the deposit will be returned in full, and if die numWr fill share* allotted be" r less than the puujber ap^tlicd for the suprlus deposit will bo. returned. A brokerage of Is. 3d. per share will be paid on allotments made on applications bearing: Brokers' and Banke^f* Stamps or received through authored agents. Prospectuses and Forms of Application may be obtained from the Company's Lendon or Liverpool Gtffiee, OT ^.ya th^ Xationsl Provincial A. Union Bank of England, Limited, or any of its Branches. IVited 1 tth July, 1919. -No part of the proceeds ef this isetie is to be applied for capital purposes outside the United JKrn^dtJM or to Mehtce money, which has been so applied. • This Application J'orm may be used. THE WltLIAM THOMAS SHIPPING CO LIMITED. CAPITAL, £ 500,000. Issue of 58,00 Shares of Ai4 each. FORM OF APPLICATION FQR SHARES. To the MiN'tjI of THE WILLIAM THOMAS SHIPPING COMPANY, LIMITED, 2g, Gimt 51-. Helewu q E.G. i Gentlemen,. I/We encio? ?heq?e ?' ? ?t?'a dft 0? ?1 per &haM on hr* in t?< a?i?r? O&M LW qu; 11. to allot me/us that nu%b?-r c? S?a??a upon the tibr" ? t? Company? PrMpcct?f, dated t4e ???Juiy, ?t9. I We t1" to aete-p? sneh ?haKw or a," nM nHn'r that may be tllotted W c? M, aa# to pay ypu ? b?ne? due from tn?'us a.* pMTid?d W? th? ?t? PM?pectu? I W? ¡'R" d<c?e that th? apphMti is noi m<?< by or f<?' the bsftefit of an enemy subjeist witfein the meaning of the Trading with the Enepiy ft nuiiiimaii I U, 1914. Pated this 19 •  t • — • .i >'aia« 'in <nl! 1 i } ($$& frM* :• i- (m ■ distinctly- J Oecnpafcion fei cwgwd'lfW' Kfittouil 'Esmk oi i